A new robo-adviser has launched today claiming it can offer a service “at a fraction of the cost of a financial adviser or wealth manager”.

Munnypot said it provides “affordable online financial advice” using a “WhatsApp style chat-based user-interface”.

A soft launch statement read: “Munnypot is a robo-advice and investment service that anyone can use to get straightforward financial advice in a language they can understand, at a fraction of the cost of a financial adviser or wealth manager.”

Munnypot’s partners include:

Virtual Affairs (Frontend solution provider, specialised in servicing financial clients)
Ortec Finance (specialists in Goal-based financial planning) Five Degrees (Customer Relationship Management and Business Process Management).
SEI Wealth Platform

The partners have helped build a “sophisticated robo-advice platform to help consumers manage their savings digitally… using straightforward language and a conversational style”, the company claimed.

Simon Redgrove, co-founder of Munnypot, said: "We’re planning on shaking up the market and have partnered with some state-of-the-art organisations to help us do that. The initial response we’ve had from consumers has been overwhelmingly positive and we’re looking forward to quickly building our customer base in 2017."

Brett Williams, Managing Director, SEI Wealth Platform, UK Private Banking, said the mobile-first design and simplicity will appeal to a broad range of consumers.

He said: “The innovative ongoing alert and messaging framework is extremely powerful and gives customers the chance to be regularly updated on their financial matters.”

Martijn Hohmann, CEO of Five Degrees, said: “Munnypot represents such a cutting-edge partnership and we will strive to continue to be game changers together in 2017”.